This was the last Annual Report (2021) and Raubex (post AR) have picked up an additional 44 M shares in the raising.
If you assume they picked up all of Kumanes 30 M, that puts them well under 20%, although likely could have some more via on-market.
We would be pretty unlucky to have anyone else bailing out to enable them to get to a TO % so close to it taking off and stripping our value (even if the directors sold). But why would they sell? I would suggest they stand to gain much more by holding their shares than whatever Raubex might offer them in some sweetheart deal. They would also be poisoned for any future endeavours.
Plenty of other major shareholders there that I would doubt would be interested in selling up this early.
